Yes, you can get a debt consolidation loan if you’re unemployed, but you’ll need proof of income from another source. You can use alternative income sources such as Social Security benefits, retirement accounts, alimony, or child support to qualify for a loan.
Sufficient income to repay the loan is a requirement for all lenders, but some lenders have more lenient requirements than others. For your convenience, we’ve compiled a list of great debt consolidation loans you can get even if you’re unemployed.
Debt Consolidation Loans for Unemployed People With Income
| Lender | Loan Amount | APRs | Credit Score Requirement |
| $500 - $4,000 | 160% - 179% | None | |
| $2,000 - $50,000 | 8.99% - 35.99% | 640 | |
| $1,000 - $36,500 | 7.99% - 35.99% | 620 | |
| $5,000 - $50,000 | 8.99% - 35.99% | 620 | |
| $2,000 - $35,000 | 9.95% - 35.99% | 600 | |
| $1,000 - $50,000* | 7.8% - 35.99% typically** | 300 | |
| $1,000 - $50,000 | 11.69% - 35.99% | 580 | |
| $1,000 - $50,000 | 9.99% - 35.99% | 580 | |
| $5,000 - $100,000 | 8.99% - 29.99% Fixed APR with all discounts | 680 |
Note: Credit score requirements are according to either the lender or multiple third-party sources.
For more information, check out WalletHub’s debt consolidation guide. You can also estimate your potential rates with multiple lenders using our free pre-qualification tool.
*Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000).
**The full range of available rates varies by state. A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 21.58% and a 9.84% origination fee of $984, for an APR of 26.82%. In this example, the borrower will receive $9016 and will make 60 monthly payments of $275. APR is calculated based on 5-year rates offered in December 2023. There is no downpayment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
This answer was first published on 11/02/23. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
